The Global Market for Footwear is Forecast to Reach US$430.5 Billion by 2024
Rising Household Disposable Incomes and Footwear
Design Innovations Drive the Global Footwear Market, According to a New Report
by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Footwear market. The global market for Footwear is forecast to reach US$430.5
billion by 2024, driven by expanding
urban population and rise in household disposable incomes, innovative technologies
for novel shoes, and emergence of new design and fashion trends.
The demand for footwear is
expanding globally as it is considered an essential accessory by consumers of
various age groups who have been seeking a range of footwear styles to match
their apparel. The continuously changing fashion in clothing is
therefore making an impact on the footwear market with retailers making efforts
to reflect changing attire fashions in their footwear collection. The ability
of footwear to transform an outfit makes it an important clothing accessory and
hence the growing focus on effective product differentiation is a key factor
driving new design trends. Shopping population is exploding the world over,
mainly owing to growing disposable incomes in many burgeoning economies. With
the trend of globalization penetrating deep into the traditionally conservative
economies, which is leading to the increased availability of international
brands, consumers preference for high-fashion premium footwear is surging.
Robust growth in the children’s footwear market is
forecast to outstrip the global birth rate in the coming years and factors such
as rising disposable incomes and parents putting children’s interests before
theirs would drive phenomenal growth in this sector. Marketing
for the female category is bound to get more aggressive in the future as products
meant specifically for women are the single-most important growth category in
an otherwise saturated market. Demand for
athletic footwear is mainly stimulated by growing focus on leading a healthy
lifestyle, which is encouraging participation in various sports activities.
This has been fueling the development and launch of comfortable and innovative
sports footwear, such as lightweight shoes and shoes with enhanced
capabilities. Expanding population, rising disposable income levels in
developing countries, increasing awareness about the importance of fitness and health
are some of the key factors driving demand for such footwear. Growing
popularity of sporting events also provides stimulus to the market. The trend
towards social fitness, which is driving class-based fitness, is anticipated to
foster the athleisure
segment. The athletic footwear market is witnessing an
increase the emergence of running shoes featuring latest technologies that
offer comfort to runners. The outdoor shoe market is a fast evolving segment
and is also getting diversified at a more accelerated pace than ever.
As stated by the new
market research report on Footwear, the
United States, in value terms, represents the single largest market worldwide. The
growth in the
market is spurred by strong performance in the athletic and sporting footwear
segment. Demand for sports footwear is
surging mainly owing to their adoption in casual dressing, both among men and
women. Asia-Pacific is the fastest
growing market, in volume terms, exhibiting a CAGR of 8.0% over the analysis
period. Primary reasons for this rapid growth include the dynamic
rise of the huge middle-class in the region, large working population with
increasing disposable incomes, and adoption of western tastes and habits by the
youngsters.
Key players covered in the
market include adidas AG, Reebok International, ANTA Sports Products Ltd.,
ASICS Corp., Bata, Bata India Ltd., Caleres, Deckers Brands, ECCO Sko A/S, Geox
s.p.a, Gucci Group NV, Kenneth Cole Productions Inc., LaCrosse Footwear Inc.,
Nike Inc., Nine West, Power Athletics Ltd., Puma SE, RG Barry Corp., Timberland
LLC, Vans Inc., Weyco Group Inc., and Wolverine World Wide Inc., among others.
The research report titled
“Footwear: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, and other strategic industry activities of global
companies. The report provides market
estimates and projections in value (US dollars) and volume (pairs) terms for
major geographic markets including the US, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China,
India, and Rest of Asia-Pacific), Middle East & Africa and Latin America
(Brazil, and Rest of Latin America). The report also analyzes the market by
product group/segments – Athletic (Aerobic, Baseball, Basketball, Cricket,
Cross-Training, Soccer, Running, Tennis, Walking, Hiking, Hockey, Athleisure,
and Others), Outdoor/Rugged, Casual, and Dress/Formal.
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